DETROIT, Jan. 28, 2021 /PRNewswire/ – PRESS RELEASE – Gage Cannabis Co., a cannabis brand and operator in Michigan, announced the final closing of its Regulation A, Tier 2, equity financing. In total, Gage issued 28,571,400 subordinate voting shares for gross proceeds of US$50,000,000, the maximum amount qualified under the company's offering circular (see Gage Cannabis Co. Offering Circular). The oversubscribed offering included demand from both institutional and retail investors and significantly expanded the company's ownership base through the addition of over 1,000 new shareholders.
The company expects to use the proceeds from the offering to expand its retail footprint, pursue accretive acquisitions and help position and solidify Gage as the leading cannabis operator in the state of Michigan.
"We are humbled and excited by the significant interest and investor demand we received for our oversubscribed Reg A financing," said Fabian Monaco, president of Gage. "Michigan is one of the fastest growing cannabis markets in the United States, and Gage is well positioned with a robust balance sheet to continue to grow our market share as the leading operator with the best brands in the state. This is a great first step in our journey to becoming a publicly traded company, and we're excited to continue to drive long-term shareholder value.”
Go-public Plan in Q1 2021
As previously announced, the company continues to pursue a potential go-public transaction, which it expects to complete in Q1 2021. Gage encourages interested investors to visit www.GageInvestors.com for more information, or to contact its investor relations team for further information or to be added to its shareholder distribution list at [email protected].
